Attached files
Exhibit 99.2
| Item 6. | SELECTED FINANCIAL DATA |
| Successor (a) | Predecessor (a) | |||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
| (millions of dollars, except ratios) |
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| Total assets – end of year |
$ | 5,577 | $ | 5,363 | $ | 7,732 | $ | 2,975 | $ | 2,935 | ||||||||||||
| Capitalization – end of year |
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| Long-term debt (b) |
$ | 2,513 | $ | 2,250 | $ | 2,250 | $ | — | $ | — | ||||||||||||
| Membership interests |
3,010 | 3,069 | 5,439 | 2,975 | 2,935 | |||||||||||||||||
| Total |
$ | 5,523 | $ | 5,319 | $ | 7,689 | $ | 2,975 | $ | 2,935 | ||||||||||||
| Capitalization ratios – end of year |
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| Long-term debt (b) |
45.5 | % | 42.3 | % | 29.3 | % | — | — | ||||||||||||||
| Membership interests |
54.5 | 57.7 | 70.7 | 100.0 | 100.0 | |||||||||||||||||
| Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
| Successor (a) | Predecessor (a) | ||||||||||||||||||||||
| Period from October 11, 2007 through December 31, 2007 |
Period from January 1, 2007 through October 10, 2007 |
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| Year Ended | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2009 | 2008 | 2006 | 2005 | ||||||||||||||||||||
| (millions of dollars, except ratios) | |||||||||||||||||||||||
| Income (loss) before income taxes and equity in earnings of unconsolidated subsidiary |
$ | (275 | ) | $ | (260 | ) | $ | (68 | ) | $ | — | $ | — | $ | — | ||||||||
| Equity in earnings (losses) of unconsolidated subsidiary (net of tax) (c) |
$ | 256 | $ | (323 | ) | $ | 64 | $ | 263 | $ | 344 | $ | 351 | ||||||||||
| Net income (loss) |
$ | 74 | $ | (495 | ) | $ | 19 | $ | 263 | $ | 344 | $ | 351 | ||||||||||
| Ratio of earnings to fixed charges (d) |
— | 1.27 | — | — | — | — | |||||||||||||||||
| Embedded interest cost on long-term debt – end of period (e) |
11.4 | % | 11.6 | % | 11.6 | % | — | — | — | ||||||||||||||
| (a) | The Predecessor reflects Oncor accounted for under the equity method; Intermediate Holding and Oncor Holdings were formed at the time of the Merger. The consolidated financial statements of the Successor reflect the application of purchase accounting. |
| (b) | Reflects push down of EFH Corp. (parent) debt due to Intermediate Holding’s guarantee of the debt. |
| (c) | Amount in 2008 includes the effect of Oncor’s $860 million goodwill impairment charge. |
| (d) | Fixed charges exceeded earnings (net loss) by $59 million and $68 million for the year ended December 31, 2009 and the period from October 11, 2007 through December 31, 2007, respectively. There were no fixed charges for the predecessor periods. |
| (e) | Represents the annual interest and amortization of any discounts, premiums, issuance costs and any deferred gains/losses on reacquisitions divided by the carrying value of the debt plus or minus the unamortized balance of any discounts, premiums, issuance costs and gains/losses on reacquisitions at the end of the year and excludes advances from affiliates. |
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Quarterly Information (unaudited)
Results of operations by quarter are summarized below. In the opinion of Intermediate Holding, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of such amounts have been made. Quarterly results are not necessarily indicative of a full year’s operations because of seasonal and other factors.
| First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
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| (millions of dollars) | ||||||||||||||||
| 2009: |
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| Loss before income taxes and equity in earnings of unconsolidated subsidiary |
$ | (69 | ) | $ | (69 | ) | $ | (69 | ) | $ | (68 | ) | ||||
| Equity in earnings of unconsolidated subsidiary (net of tax) |
47 | 66 | 105 | 38 | ||||||||||||
| Net income (loss) |
1 | 20 | 59 | (6 | ) | |||||||||||
| First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter (a) |
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| (millions of dollars) | ||||||||||||||||
| 2008: |
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| Loss before income taxes and equity in earnings of unconsolidated subsidiary |
$ | (66 | ) | $ | (66 | ) | $ | (63 | ) | $ | (65 | ) | ||||
| Equity in earnings (losses) of unconsolidated subsidiary (net of tax) |
85 | 85 | 139 | (632 | ) | |||||||||||
| Net income (loss) |
41 | 41 | 96 | (673 | ) | |||||||||||
| (a) | Equity in earnings (losses) of unconsolidated subsidiary (net of tax) includes the effects of Oncor’s $860 million goodwill impairment charge. |
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